PHILADELPHIA, PA - FCP announced the $117.9 million acquisition of Edgewater, a 286-unit luxury high-rise apartment community at 2323 Race Street in Center City Philadelphia, PA, from institutional investors advised by J.P. Morgan Asset Management.
The purchase price includes excess land that can be developed, a stand-alone parking garage (in addition to parking beneath the building) and a revenue producing billboard along I-676.
The acquisition of Edgewater is FCP's fourth Class A Center City Philadelphia investment and builds on the firm's very active multifamily acquisition activity over the past 12 months with 4,766 units acquired throughout the United States.
"Strong job growth, extraordinary walkability and the continued evolution of Center City into a complete live/work/play downtown make Philadelphia an attractive market," said FCP Associate, Drew Schwartz. Mr. Schwartz continued, "Edgewater presented us with an opportunity to invest in a premier asset in a market in which we continue to seek investments. We were able to close the transaction with all cash and didn't obtain a loan, allowing us to quickly execute this large transaction."
Edgewater's 286 large units (60% are 1,000+ square feet) are distributed between a 12-story tower and 20, three-story townhomes in a balanced mix of studio, one-, two- and three-bedroom residences.
Located in the Logan Square neighborhood on the Schuylkill River, Edgewater residents enjoy immediate access to the Schuylkill River Trail, Fairmount Park, which is the largest urban park in the country, and an abundance of cultural and art museums. The community is within walking distance to Philadelphia's Central Business District and exciting retail, dining and nightlife options including grocery options, Whole Foods and Trader Joes.